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型走势，结构性行情突出，赚钱效应逐步释放。在权益市场上涨、债券收益率维持低位及供需关系改善等多重因素驱动下，上半年可转债市场表现较好，中证可转债指数上涨7%。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，灵活调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:26.794Z","mo":"债市经历近三个月横盘低波后，市场风险偏好悄然抬升，叠加“反内卷”的扰动，推动债券收益率波动幅度加大。但当前基本面仍表现出总需求偏弱的特点，经济增长对政策支撑的依赖性较强，内生复苏动能偏弱。叠加外围潜在不确定性仍存，货币政策收敛概率较低，且将持续为潜在冲击预留宽松空间。因此，债券市场总体仍处于相对有利环境，但整体或维持低位震荡格局。权益资产估值目前处于从修复到扩张过渡的阶段，仍维持较为乐观的判断。","fund":{"_id":3000000019943,"__csrcFundId":13488,"stockCode":"019943","masterFundShortName":"兴业恒益6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19943,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:33:26.840Z","status":"normal","exchange":"jj","shortName":"兴业恒益6个月持有期债券(019943)","name":"兴业恒益6个月持有期债券型证券投资基金","fundCollectionId":4000050810000,"setUpAssetScale":83297985.78,"setUpDate":"2024-01-31T16:00:00.000Z","setUpShares":83297985.78,"inceptionDate":"2024-02-01T16:00:00.000Z","pinyin":"xyhy6gycyqzqxzqtzjj","managers":[{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"},{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业恒益6个月持有期债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344935","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed32e7fea5b3eb053920a","date":"2025-03-30T16:00:00.000Z","stockId":3000000019943,"sao":"报告期内，债券市场在多重因素的交织影响下呈现出显著调整态势，收益率曲线呈现 “熊平” 特征。从宏观环境来看，以美联储为代表的主要发达经济体展现出较强的经济韧性，但通胀压力也较为突出，致使降息预期反复波动。在此背景下，国内稳汇率的优先级提升，央行在货币投放上较为谨慎，资金面始终维持紧平衡状态。同时，科技成长领域的发展带动市场风险偏好有所提升，地产边际企稳，使得市场对央行宽松政策的节奏和力度预期放缓。此外，同业存款自律机制的实施，进一步加大了银行的负债压力。在上述诸多因素综合作用下， 1年期国债收益率一度大幅反弹65个基点，攀升至1.6%附近，1年期同业存单（1YNCD）利率也回升至 2% 以上。而长端和超长端利率方面，交易型机构由于受到较高负债成本的制约，普遍采取降杠杆以保障久期的策略，这使得其收益率调整相对滞后。直至2月中下旬，长端利率才开始补跌，最大调整幅度在25 - 35个基点之间，10年期国债收益率一度逼近1.9%。进入3月下旬，央行货币政策态度出现边际缓和迹象，资金价格中枢回落，债券市场情绪逐步企稳，收益率有所下行。权益市场方面，呈现出结构性牛市行情，科技成长板块表现亮眼，显著跑赢大盘价值板块。在这一带动下，中证转债指数在本季度上涨 3.13%，中小盘和弱资质转债的涨幅超过大盘蓝筹转债，市场风格特征较为鲜明。报告期内，我们根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:26.791Z","fund":{"_id":3000000019943,"__csrcFundId":13488,"stockCode":"019943","masterFundShortName":"兴业恒益6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19943,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:33:26.840Z","status":"normal","exchange":"jj","shortName":"兴业恒益6个月持有期债券(019943)","name":"兴业恒益6个月持有期债券型证券投资基金","fundCollectionId":4000050810000,"setUpAssetScale":83297985.78,"setUpDate":"2024-01-31T16:00:00.000Z","setUpShares":83297985.78,"inceptionDate":"2024-02-01T16:00:00.000Z","pinyin":"xyhy6gycyqzqxzqtzjj","managers":[{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"},{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业恒益6个月持有期债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed32e7fea5b3eb0539209","date":"2024-12-30T16:00:00.000Z","stockId":3000000019943,"sao":"报告期内，经济基本面方面，内需不足与地产投资下滑拖累经济增长，制造业和出口虽有填补但力度有限。海外方面，美联储抗通胀政策与降息预期交织，中美利差倒挂加剧人民币贬值压力。政策环境上，货币政策“适度宽松”，全年降准降息频次超预期。货币政策上，央行全年加大逆周期调节，2月、9月各降准0.5个百分点，1月下调支农支小再贷款等利率，7月、9月两次下调公开市场7天期逆回购操作利率，引导LPR下行。财政政策方面，实施积极财政政策，三四季度增大财政支出规模，发行超长期特别国债，落地化债方案。2024年，中国债券市场在经济“弱修复”与政策宽松的背景下走牛，收益率中枢下移，信用利差压缩。10年期国债收益率全年下行88bp，从年初2.56%降至年末1.68%，并创历史新低；30Y国债下行超过90BP，由年初的2.83%下行至1.9%的历史低位。短端利率下行更显著，1年期国债收益率降幅达100bp，曲线整体呈现“牛陡”。信用利差方面，受禁止手工补息影响，信用利差压缩至历史低位，但地产债因行业基本面疲软仍存估值扰动风险。整体来看，前三季度信用利差持续压缩，8、9月后因理财赎回冲击阶段性走阔，年末修复至年内较高水平。权益资产经历两次起伏，9月末政治局会议提振市场信心后指数快速大幅上涨，沪深300上涨14.68%，中证转债指数上涨6.08%。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:26.788Z","mo":"展望2025年，外部环境变化带来的不利影响加深，国内需求不足、风险隐患等困难挑战仍然存在，积极的财政政策与适度宽松的货币政策延续，经济下行的尾部风险降低，私人部门的资产负债表有望修复。但考虑到政策传导需要时间、以及经济下行惯性，私人部门的信心与预期改善难以一蹴而就，预计上半年“弱现实”的局面会延续，广义流动性将保持宽松。利率债方面，预计将呈现低位区间震荡模式，但整体波动将加大；信用债方面，化债背景下，信用供需关系持续改善，信用利差维持低位，并有进一步压缩的空间。可转债方面，政策向稳增长与防风险倾斜，经济尾部风险下降，风险偏好底部抬升，流动性催生权益资产估值提升。操作策略方面，组合拟根据市场走势的预判，保持组合资产的流动性，灵活调整久期和大类资产配置，力争把握品种间的结构性机会。","fund":{"_id":3000000019943,"__csrcFundId":13488,"stockCode":"019943","masterFundShortName":"兴业恒益6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19943,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:33:26.840Z","status":"normal","exchange":"jj","shortName":"兴业恒益6个月持有期债券(019943)","name":"兴业恒益6个月持有期债券型证券投资基金","fundCollectionId":4000050810000,"setUpAssetScale":83297985.78,"setUpDate":"2024-01-31T16:00:00.000Z","setUpShares":83297985.78,"inceptionDate":"2024-02-01T16:00:00.000Z","pinyin":"xyhy6gycyqzqxzqtzjj","managers":[{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"},{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业恒益6个月持有期债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed32e7fea5b3eb0539208","date":"2024-09-29T16:00:00.000Z","stockId":3000000019943,"sao":"报告期内，全球工业生产活动放缓，物价和就业走弱，美联储如期降息50BP；国内方面，经济呈现出下行压力，总需求不足向生产端传导，物价整体呈现低位运行，经济活跃度进一步走低。地产政策效应减弱，整体仍在寻底过程中。在此背景下，央行分别在7月和9月两次下调政策利率，且幅度整体超出市场预期，逆回购利率下调至1.5%，1年MLF利率下调至2%，5YLPR也下调至3.85%，并通过下调存款准备金率50BP释放资金超1万亿，市场对后续财政政策加码预期升温，风险偏好显著提振。债券方面，三季度债券收益率波动幅度较大，10Y国债收益率由2.29%高位最低下行至2%，但随着风险偏好提振，一度反弹至2.25%，整体波动区间为[2%,2.29%]；信用利差收窄至历史低位后，受机构行为影响，再度走阔至年内的高点水平附近。随着政策方向的变化，风险偏好发生转变，权益市场在回落至年内低点附近大幅反弹并创年内新高，可转债也跟随权益市场有所修复。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:26.785Z","fund":{"_id":3000000019943,"__csrcFundId":13488,"stockCode":"019943","masterFundShortName":"兴业恒益6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19943,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:33:26.840Z","status":"normal","exchange":"jj","shortName":"兴业恒益6个月持有期债券(019943)","name":"兴业恒益6个月持有期债券型证券投资基金","fundCollectionId":4000050810000,"setUpAssetScale":83297985.78,"setUpDate":"2024-01-31T16:00:00.000Z","setUpShares":83297985.78,"inceptionDate":"2024-02-01T16:00:00.000Z","pinyin":"xyhy6gycyqzqxzqtzjj","managers":[{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"},{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业恒益6个月持有期债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174574","linkType":"PDF","sourc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